3 Reasons Why We Should Say No To NPS-SSS Agreement

Under the Principle of Reciprocity, all OFWs in South Korea can immediately get the Lump Sum refund after the sojourn period. The Lump Sum is based on the total amount of monthly contribution to the respective National Pension Service (NPS). It is so far one of the most anticipated benefits by OFWs here in South Korea. That means the longer you stay here and contribute to your NPS, the more refund you will get when you go home.

Isn't it awesome?

BUT wait!!!! This Lump Sum Refund will be about to demolish if the Social Security Agreement (SSA) will push through.

How will this SSA affects our refund?

To simply put, the lump sum refund will no longer be granted immediately when you go home. Instead, it will be deposited to your Social Security System (SSS) account and you will only get the lump sum at the age of 65.

FAIL!

Just to clarify the issue, this agreement has been proposed by the Government of Korea. This did not come from Government of the Philippines.

Can we stop this agreement?

If we can raise our voice, it is possible to stop this. In fact, we should stop this. So before the Government of the Philippines sign this Bilateral Social Security Agreement, here are my 3 personal reasons why we should all say NO to this!

1. We don't trust our Government.

If we are going to trace back the political history of the Philippines, corruption played a vital role why despite of the rich natural resources and skilled citizens, the country remains poor. If they were able to do that in the past, they can possibly do this today and in the future and we are afraid that our money will be the subject of their greediness. We don't want to put our hard earned money at risk. We have hope for our Government, but we just couldn't entrust our money. Sorry. :(

2. Inflation rate! Anyone?

The value of our money will never be the same 20 to 30 years from now. If you will see the inflation rate of the Philippines, it is not getting any better. Supposing we can get our money when we reach 65 years old, the buying power maybe much lesser than today. If we can get our money now, we can do something about it to t least prepare for the inflation rate in the future.

3. We need the money now more than ever.

This may sounds desperate but it's true. If we go home, we need to start a new life. The money can help us start a new business or use it to further develop our skills for better job and opportunities. We can't start a business at 65. I mean, we can, but we can't do it as effective when we are much younger than this. Whether we are 30 years old or 65 years old, we need money and we prefer to have it at early age.

So what can we do to stop this?

Participate in the survey!

The survey will be our voice to say that we are against this agreement. Check on the FEWANIANS Facebook Group for more updates regarding this survey. Your voice is important! We should stop NPS-SSS agreement.

i am not a korean ofw and also not anti pnoy administration.we all know that God always had His reason why He put someone to lead our country and i respect authority.but please let the ofw in korea have their kukmin when time comes that they are going back here in the phil.why put it in the sss?when they also contribute prior in going to s.korea for work?please let them and their family enjoy the fruit of their labor..

Another opportunity for corrupted government. If this is not the Phils govt, ofw's may still consider but the grim reality of corruption in this country is terrible that trusting it is a big waste of time. Abolish SSS !! ...Lord, please change the mindset of corrupt officials , let them know that they will be burn in hell with their corrupted money.

Is this really a problem? I don't know, I am not very sure, I'm not an OFW. But looking at it, it seems same concept lng nmn sya ng SSS. It's not like tax that when it's deducted, should be considered loss. But when we say SSS, it's your savings/contribution. When you're already old and can no longer work, you still have something to get as your retirement, and with monthly pension. Hindi po ba un ganun?